š Meme Coin Divergence: $SHIB 's Bullish Momentum vs. $DOGE 's Resistance Hurdle
Dogecoin and Shiba Inu consolidate at key support levels following Friday's decline.
Derivatives traders like SHIB but not DOGE.
SHIB may reverse after a retest, while DOGE struggles with a long-term trendline.
Dogecoin has held over $0.20 for four days at $0.2243 with Doji candles. The consolidation is supported by the 200-day EMA at $0.2178.
DOGE formed a bearish double top at the $0.25 supply zone and a December resistance trendline. The pattern's neckline is $0.2145; a close below might prolong Dogecoin's decline.
On the Dogecoin price chart, the technical outlook is negative, indicating downside risk. Closing below the $0.2145 neckline might challenge the early May $0.1667 low.
A trendline breakthrough might place DOGE's important support turned resistance, $0.30, on bullish radars.
Similarly, Shiba Inu trades at $0.00001439, consolidating above the 50-day EMA at $0.00001412 and the $0.000014 support zone.
Shiba Inu reversed trend at $0.000014 but failed to breach $0.000017. Market instability has caused a sharp decline, making technical indicators like Dogecoin negative.
The Fibonacci retracement from $0.00003285 to $0.00001066 between December 5 and April 8 suggests immediate resistance around $0.00001590, coinciding with the 23.6% Fibonacci level and 200-day EMA. Fibonacci levels set price objectives at $0.00001914 (38.2%) and $0.00002175 (50%).
DOGE's open interest fell 0.14% to $2.64 billion, while the OI-weighted funding rate remained at 0.0095%.
Dogecoin has lost more bullish holdings than SHIB in the previous 24 hours. Within 24 hours, Dogecoin long liquidations totaled $3.36 million, Shiba Inu long liquidations $190K, and short liquidations $133K.
Based on taker buy/sell volume, Shiba Inu long holdings climbed for three consecutive days, accounting for 49.82%, balancing the playing field with a 0.9928 long-to-short ratio.
Over the previous 24 hours, Dogecoin's ratio plummeted to 0.885 as short holdings rose to 53.05%.
